hedge fund managers

mag-06Talk-t_CA0-articleInlineOn this first matter, his firm returned over 40% in 2014. As for the second, sadly, it’s a secret for now. Read more »

billackmanpershingsquare“Excuse me, Mr. Ackman? Can I have your autograph?” It’s a rainy afternoon in early December, just outside Pershing Square’s offices. William Holmes, a recent college graduate with a degree in economics, is shivering in the cold, holding a notebook. “I’ve studied everything you’ve done,” the young man gushes. “You are like the Socrates of our time.” Ackman writes the kid a note. “I’m telling you, I have a huge fan base,” he says as the beaming young man walks off. Then he turns to head back up to work. [Bloomberg via Matt Levine]

storytimeTo be fair, we don’t actually know if Brett Jefferson’s lesson about stupidity was delivered as a bedtime story, a lullaby, or just a general piece of wisdom he regularly shares with his young son. But it seems fairly obvious that the Hildene Capital Management founder is wasting no time teaching the boy about the various idiots you’ll meet in life and the idiotic things they do, relishing the opportunity to, for example, show the kid what happens when someone cuts you off on the way to school/work (he/she gets flipped off and his/her ass ridden for at least a mile with high beams flashing in his/her rear-view mirror). Read more »

  • 24 Dec 2014 at 1:33 PM

Pay Day ’14: Hedge Fund CEOs

Dan Loeb Bill AckmanBill Ackman, head of the best performing large hedge fund firm, is poised to pull in at least $1 billion, according to rough CNBC calculations using his net worth, stake in $19 billion Pershing Square Capital Management and the fund’s stellar 35 percent return net of fees through early December. Larry Robbins also pulled in about $600 million so far this year, according to a similar estimate. His Glenview Capital Management has surged again, gaining 12 percent in its main fund and 21 percent in a concentrated version through November, according to performance information obtained by CNBC. Glenview managed $9.9 billion as of Sept. 30. And Dan Loeb, whose main hedge fund is up 7.1 percent through November, appears set to make about $230 million this year. Third Point manages $16.5 billion. [NetNet]


[via @matt_levine]

  • 17 Dec 2014 at 3:35 PM

Bill Ackman Just Can’t Help Himself

ackmanBill Ackman sat in the hair and makeup chair at Bloomberg, waiting for his lieutenants to file in for a quick briefing before he went on the air. He knew what they were going to say and what they needed to hear him say before they’d be comfortable with him getting in front of the camera.

“Now what are you going to do when they ask you about Herbalife, Bill?”

“I’m going to speak about it in a measured tone. I’m going to manage expectations.”

“And why are you going to do that?”

“Because even if it’s true the company is a fraud, it doesn’t mean it’s going out of business tomorrow so we shouldn’t tell people to expect it, even though… [mumbles something about how he knows it will]…”

“What was that?”

“Nothing.”

“Okay, and what are you not going to do?”

“I’m not going to give an exact date in the near future when the company is going to explode.”

“And?”

“And I’m not going to use the word ‘explode’.”

“And?”

“And I’m not going to say ‘If Herbalife doesn’t go out of business in the next 365 days, I’ll give up solid food and subsist only on their shakes and supplements for a calendar year.”

The lieutenants looks at each other and nodded. They weren’t 100% sure they could believe him but this was as close as confirmation as they were going to get. And, to be fair, since the incident in July, he’d kept his promise. His promise to them, sure, but also his promise to himself. It’s not like he liked doing this. It’s not like he wanted to build up expectations re: the demise of Herbalife only to have them fail. But every time he got up on that stage, or in front of a camera, or on the phone with CNBC, something inside him took over and made him blurt out stuff like “Call the coroner, ’cause there’s gonna be a murder tomorrow, of the corporate variety” or “Get all the shakes you can now because in a fortnight, they’re gonna be gone” or “If Herbalife doesn’t go out of business by next week, my name’s not William A. Ackman.”

He wanted to dial down the enthusiasm. He really did. Read more »

stevecohenpenthouse
He already cut it once to $98 million (from 115) and now it’s down to a mere $82 mill. At this point his practically giving it away and if the bargain basement price isn’t enough to get anyone to bite, how about he sweetens the deal by throwing in a coupla signed 8×10 copies of this puppy? Read more »

Steve-Cohen-of-SAC-by-Bloomberg-1Will Cohen celebrate the loss by his noted #2 enemy1 at the hands of an appeals court by saying, “Fuck it, you know what? We’re re-re-naming the firm?” We’ll just have to wait and see (but it seems possible). Read more »